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JPY: Buoyant

AUD

Risk barometer AUD/JPY has pushed higher and added 40 pips so far, trimming its weekly loss. The pair sits at Y83.16 as we type, drawing support from a positive showing from regional equity markets. The data docket is rather light today, core Tokyo CPI only narrowly topped expectations provoking no tangible market reaction. AUD was largely unfazed by Westbank's statement that they now expect the RBA to extend its QE programme by a further A$100bn rather than by A$50bn.

  • Bulls need a clearance of Y84.38, where the rate peaked on Mar 22, before setting their sights on Mar 18 cycle high of Y85.45. Bears see Mar 24 low/50-DMA at Y82.29/82.18 as their initial target and a clean break here would open up Feb 26 low of Y81.99.
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